After Circle’s SEC filing marking the first step towards a public listing, CoinDesk examined the other firms that might try to go public amid a rebound in crypto markets. High on the list of possibles: Kraken and Ripple.
Crypto ATM Operator Bitcoin Depot Debuts on Nasdaq Following SPAC Merger
The company plans to look for acquisition opportunities in the “highly fragmented” market, CEO Brandon Mintz said.
Crypto Exchange Coincheck’s Nasdaq Listing Could Be Delayed Again
A merger with Thunder Bridge Capital may not be completed by a July 2 deadline, potentially causing a further year’s delay.
Circle denies blaming SEC for shuttered $9B plan to go public
A Jan. 25 report from the Financial Times which was widely shared characterized Circle as having “blamed” the SEC for its “jettisoned” public listing plan.
USDC issuer Circle terminates SPAC merger with Concord
The deal previously valued Circle at $4.5 billion in July 2021 before an upwards revision to $9 billion in February 2022.
Bitcoin Depot says SPAC merger will continue as planned after solid revenue growth
The firm’s revenue increased by 25.25% to $497.2 million in the first nine months of 2022.
Blockchain cloud infrastructure company W3BCloud to go public via $1.25B SPAC
The firm, whose data centers are located in the United States, generated $40 million in sales last year.
Crypto focused SPAC raises $115M in Nasdaq IPO
The Aura FAT SPAC listed on Nasdaq and ended its IPO with $115 million in funds after finishing an over-allotment round.
Bitcoin mining company PrimeBlock to go public via $1.25B SPAC merger
The company forecasts it will generate up to $98 million in annual revenue.
Cathie Wood’s ARK ETF reportedly buys 6.93M shares of SPAC merging with Circle
Ark Invest’s latest foray into the crypto sector focuses on stablecoin issuer Circle, which announced plans to merge with SPAC Concord Acquisition Corp.
Bitcoin Mining Company Griid Set To List On NYSE Via $3.3 Billion Merger Deal
Griid, an Ohio-based Bitcoin self-mining company, is the latest Bitcoin miner to list on the New York Stock Exchange (NYSE). It would go public by merging with Adit EdTech Acquisition Corp at a $3.3 billion enterprise valuation.
Adit EdTech, a Special Purpose Acquisition Company (SPAC), announced the merger in a filing with the United States Securities and Exchange Commission (SEC) Tuesday. The sole purpose of a SPAC is to acquire a private company and make it go public. It is also called a blank check company.
Related Reading | Bitcoin Mining Firm Argo Blockchain To Raise $57.5M Via Senior Notes Offering
Griid will list on the New York Stock Exchange under the ticker symbol “GRDI” after both parties close the merger, expected by the first quarter of next year. That is, subject to conditions including regulatory approvals and approval of Adit EdTech’s stockholders. Subsequently, the bitcoin mining company will receive about $246 million in cash from Adit EdTech.
Another Bitcoin Mining Company Goes Public
The SPAC deal comes just after Griid secured a $525 million credit facility from Blockchain.com.
According to an investor presentation that Adit EdTech published recently, Griid expects to mine 637 BTC this year. By 2024, the company forecasts up to 24,348 BTC per year.
Speaking on the merger, Trey Kelly, founder and CEO of Griid, said, “We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public bitcoin miners at the lowest cost of scaled production. Our team has demonstrated a track record of successful execution over the past three years since starting the company, and we look forward to delivering expansion of capacity through this transaction.”
CEO of Adit EdTech David Shrier also emphasized the importance of Carbon-free Bitcoin mining. “GRIID’s combination of a large pipeline of low-cost, carbon-free power, distinctive access to next-generation ASICs, and market-leading execution position them to generate attractive profitability and growth.”
BTC trading at $56.9K | Source: BTCUSD on TradingView.com
There has been a high rate of both individual and institutional Bitcoin adoption this year. Consequently, mining companies all over the world are going public via SPACs or traditional initial public offerings (IPOs). Last month, Australian Bitcoin miner Iris Energy filed to raise $100 million via a direct listing in the U.S.
Earlier this month, a Singapore-based cryptocurrency miner Bitdeer Technologies announced its plan to list in the U.S. via a $4 billion deal with SPAC Blue Safari Group Acquisition Corp.
Mining In The U.S.
The U.S. has become the number one destination for bitcoin miners, thanks to China’s ongoing crackdown.
About a year ago, China was the market leader in terms of hash rate. However, the crypto crackdown changed that story almost overnight.
Majority of the miners that fled China relocated to America in what was dubbed “the great mining migration.”
Related Reading | Bitcoin Mining In The U.S.: 4 States Attract The Most Miners
This migration resulted in the U.S. becoming a global mining hub. And with the mining machine preorders and hash rate projections for 2022, this will not change anytime soon.
Featured image by Reuters, Chart from TradingView.com
$3.3B Bitcoin mining company Griid to list on NYSE via SPAC deal
The company projects it can mine up to 25,000 BTC per year by 2024.
Bakkt sheds more than 6% on first of public trading
The price of BKKT contracted by more than 6% during its first day of public trade.
Crypto soars to account for 73% of trading commissions on eToro in Q2
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Derivatives data shows pro traders turning bullish on EOS price
Retail traders turned their backs on EOS, but derivatives data shows pro traders maintaining a bullish perspective for the short-term.
US Bitcoin mining giant Core Scientific set for Nasdaq listing via $4.3B SPAC deal
The Bitcoin miner will merge with Power & Digital Infrastructure Acquisition Corp in the latest crypto SPAC deal.
Crypto world largely silent as little-known exchange announces plans to go public
The public offering announcement comes less than two months after Bullish launched with $10 billion in capitalization.
Kraken rethinks direct listing plan following Coinbase’s lackluster performance
Kraken CEO Jesse Powell is having second thoughts about a direct listing in light of Coinbase going public, and is potentially leaning towards an IPO instead.